Picture this for a moment: you’re up to bat with two outs, two runners on base and the Florida Championship on the line. Base hit up the middle scores one, possibly two, but if you pop up, ground out or strike out, it’s game over.
If you could visualize yourself in that situation, chances are you’re feeling a little nervous. Especially if you’ve never been there before. What if you’re a business owner in the process of transitioning your business or considering a transition? You’re up to bat with two outs and two runners on base – how do you handle it? Ideally, we’d all like to confidently drill the first pitch deep into the outfield to win the game, but what happens when the thoughts and concerns about the transition and life after the transition get in the way? Things might not work out as planned.
In the decades of serving high net worth and ultra-high net worth individuals and families, our team has worked with many who have made their wealth through the sale of the family business. Many of them were faced with a number of overwhelming thoughts and feelings: stress, anxiety, frustration, confusion and worry. Here are some of the questions we’ve often heard:
- Will this wealth be enough to sustain me and my family? How do I know?
- What about taxes? What’s the impact to me?
- How in the world am I going to invest this money to serve me and my family?
- What about my legacy and charity – how does all this fit in?
Finding the answers to these questions requires preparation. Unfortunately, many business owners are unprepared to address the complex financial decisions that need to be made for both themselves and their families both before and after the sale. Many would rather wait and leave the planning to another day. But a lack of planning and preparation has killed deals that should have closed, broken up families, and, in rare occasions, landed business owners in the hospital due to stress.
At BNY Mellon Wealth Management, we follow a collaborative, holistic, team-based approach to each business owner and family that we serve. Leveraging the strength and expertise of our global firm, we help provide clarity by working with business owners to implement:
Wealth transfer and tax mitigation strategies
- Pre- and post-sale cash flow optimization
- Pro forma net worth statements and estate flow projections
- Custom post-transaction investment strategies
- Family governance and next generation education plans
- Strategic philanthropy
Proper planning takes time, and having the right team of experienced professionals is critical to success. Armed with an experienced team who can assist with planning and preparation, you too can confidentially step up to the plate and win the game.
Senior Wealth Director
BNY Mellon Wealth Management
T: +1 (813) 405 1223
Visit the BNY Mellon Website
WE ARE READY WHEN YOU ARE.
Call Benchmark International today if you are interested in an exit or growth strategy or if you are interested in acquiring.
Americas: Sam Smoot at +1 (813) 898 2350 / Smoot@BenchmarkCorporate.com
Europe: Carl Settle at +44 (0)161 359 4400 / Settle@BenchmarkCorporate.com
Africa: Anthony McCardle at +2721 300 2055 / McCardle@BenchmarkCorporate.com
ABOUT BENCHMARK INTERNATIONAL
Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $5B across 30 industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 13 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.